Comments on: Banks Do Hard Credit Inquiries On Checking Accounts

By: Checking Account Promotions

Checking Account Promotions — Fri, 08 Jul 2011 16:31:43 +0000

This may end up hurting a lot of people who were looking to use internet checking accounts now that more traditional banks are trying to find every way to nickel and dime their customers.

By: Kevin

Kevin — Tue, 20 Jul 2010 21:42:06 +0000

I have horrible…horrible…call the police terrible credit. I’m in ChexSystems for owing money to both Wells Fargo and WaMu for INSF…I just signed up online and got an account with ALLY. Is it too good to be true? I’m finally getting back on my feet and need a checking account. Are they going to send me a letter in 10 days and say, “oops, just kidding?”

By: Daniel

Daniel — Thu, 15 Jul 2010 21:54:33 +0000

@Jenna, In speaking to some of the representatives, it sounded like no history is better than bad history. There are many students who are looking for checking accounts and several people assured me that it would not be a problem. They are more worried about negative information than no information.

By: Jenna

Jenna — Thu, 15 Jul 2010 19:13:47 +0000

What about those people who are just getting started and have no line of credit. How do banks assess that?

By: Jerry

Jerry — Thu, 15 Jul 2010 12:04:55 +0000

I had no idea about this. I used to think that ANYONE could get a checking account. In light of all that has happened with credit, I guess this is a little insurance for banks to these checks. I don’t really blame them. If it leads to a little more security for them, that’s probably a good thing.

By: Daniel

Daniel — Mon, 12 Jul 2010 17:18:29 +0000

@Little House, I doubt it. Savings accounts rarely if ever have checks done before they are accepted. The reason for this is that there is no risk of losing money for the bank.

With checking accounts, there is a risk of overdrawing the account, and the basic checks most banks do will tell them if you are frequently delinquent and if you are too likely to cost them money.

With the 403(b) account, you are dealing only with your money, not USAA. They have no risk of you running off with even a penny of their money, so why would they go through the costs and hassle of running a credit check?

By: Little House

Little House — Mon, 12 Jul 2010 16:08:14 +0000

This would definitely make me less likely to open an account with ING or Ally. I have too many accounts now, anyway, so the likelihood of me opening another account is slim. I wonder if opening a 403(b) with USAA will require a credit inquiry? It’s not a bank account, but it’s a financial account. That wouldn’t deter me, but it makes me wonder.